Special Report on
Satisficing vs Optimizing
Satisficing vs Optimizing - Trends
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This edited volume discusses the legitimacy of satisficing as a rational model for practical reason and for ethical deliberation. The idea of satisficing was first conceived by Herbert Simon, who argued that the maximization of expected utility in our choices was an ideal of rationality not generally possible for us, because we lack the cognitive abilities and information relevant for an accurate identification of the best alternative. Instead of maximization, Simon suggests that rationality requires of us only to choose among the alternatives that guarantee a satisfactory outcome. To illustrate this, consider the ...
As a 'classically' trained statistician who works on 'real' problems (mainly environmental ones) I have come to appreciate the utility and benefits of working within a Bayesian framework. I would not classify myself as a 'convert' but prefer to have an array of statistical tools from which I can select the most appropriate one for the job at hand. As they say - if all you've got is a hammer, then the whole world's a nail! On the issue of choice of priors, I believe this is an absolute strength in the evaluation and setting of environmental ... Read More